10-K · February 25, 2026
Penumbra reported strong 2025 results with revenue of $1,403.7 million (up 17.5% YoY) and operating income of $189.2 million, reflecting a clear operating inflection from $9.3 million in 2024. Thrombectomy remains the…
Earnings analysis · 10-Q
PEN earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Penumbra, Inc. reported a strong performance for Q1 2026 with revenue of $374.8 million, a 15.6% increase compared to the previous year, and diluted EPS of $0.82, exceeding estimates. Despite increasing SG&A expenses…
Read full summary
Penumbra, Inc. reported a strong performance for Q1 2026 with revenue of $374.8 million, a 15.6% increase compared to the previous year, and diluted EPS of $0.82, exceeding estimates. Despite increasing SG&A expenses due to related costs from a pending acquisition, the company demonstrates consistent revenue growth across its thrombectomy and embolization segments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.82
What stood out
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Revenue Surge of 15.6%
Revenue rose to $374.8M from $324.1M year-over-year.
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Improved Gross Margin
Gross margin increased to 67.6%, up from 66.6% in Q1 2025.
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Continued Growth in Medical Segments
Thrombectomy segment grew 12.1% to $253.9M; embolization and access surged 23.8% to $120.8M.
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Strong Increase in Operating Cash Flow
Operating cash flow was $87M, up from $49M in the previous year.
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Increased International Revenue
International revenue grew by 16.5% to $78.4M.
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Cash Reserves Strong
Cash and cash equivalents increased to $241.3M from $186.9M.
What to watch
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High SG&A Costs
SG&A expenses increased to $192.8M, 51.4% of revenue, up from 47.3%.
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Pending Merger Uncertainty
Pending acquisition by Boston Scientific may impact focus and operations.
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Increased Tax Liability
Provision for income taxes rose to $9.1M from $4.6M, increasing effective tax rate to 21.8%.
Management's outlook
No specific revenue or EPS guidance provided due to pending acquisition.
Earlier filings 4
10-Q · October 30, 2024
Penumbra reported Q3 revenue of $301,039,000 (up from $270,946,000 year-over-year) and GAAP diluted EPS of $0.75 (vs $0.23 prior year), beating consensus. Gross profit rose to $200,306,000 and operating income improved…
10-Q · May 7, 2024
Penumbra reported Q1 revenue of $278,655,000 (up $37,257,000 or 15.4% vs. Q1 2023) with gross profit of $181,139,000 (gross margin ~65.0%) and operating income of $12,101,000 (operating margin 4.3%). Diluted EPS was…
10-K · February 22, 2024
Penumbra reported FY2023 revenue of $1,058.5 million (up 25.0% YoY) and returned to operating profitability with income from operations of $73.6 million in 2023 versus $6.1 million in 2022. Thrombectomy ($677.3 million)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.